Fabulous Flamingos is a specialty pet gift shop selling exotic pet-related items online. The shop has no physical location. Results for last year are shown next: (Click the icon to view the results.) For internal planning and decision-making purposes, the owner of Fabulous Flamingos would like to translate the company's income statement into the contribution margin format. Since Fabulous Flamingos is online only, all of its cost of goods sold is variable. A large portion of the selling and marketing expenses consists of freight-out charges ($19,000), which were also variable. Only 20% of the remaining selling and marketing expenses and 25% of the website expenses were variable. Of the other operating expenses, 90% were fixed. Based on this information, prepare Fabulous Flamingos' contribution margin income statement for last year. Contribution Margin Income Statement For the Year Ended December 31 Less: Less: Choose from any list or enter any number in the input fields and then click Check Answer. All parts showing Clear All Check Answer A B 1 Fabulous Flamingos 2 Traditional Income Statement (Absorption Costing) 3 For the Year Ended December 31 4 Sales revenue $ 1,008,000 5 Less: Cost of goods sold 668,000 6 Gross profit $ 340,000 7 Less operating expenses: Selling and marketing expenses 8 $ 63,000 9 Website maintenance expenses 57,000 10 Other operating expenses 17,000 137,000 $ 11 Operating income 203,000